DUBAI / WAM
As the UK reshapes its future trade policy during the post-Brexit transition period, the UAE – UK’s largest export market in the Middle East and the 13th biggest globally – has become one of its first trade allies to reaffirm its commitment in trade relations.
This commitment was signified by a meeting between Etihad Credit Insurance (ECI), and the Lord Mayor of the City of London William Russell, which underscores the aim of both entities to foster deeper relationships between the UAE and the UK, and to further strengthen the trade relations between the two countries.
Stressing on ECI’s commitment in supporting a successful post-Brexit transition, Massimo Falcioni, CEO of Etihad Credit Insurance said, “The UK is one of the biggest trading partners of the UAE and we are delighted to enter into a productive discussion with the Lord Mayor of City of London to discuss strategic ways to strengthen trade and investments between the UAE and the UK.”
The Lord Mayor of the City of London William Russell said, “The UAE is the UK’s key trading partner in the region, making up 40 percent of GCC-UK trade.”
According to the UAE Ministry of Economy’s ‘Non-Oil Foreign Trade Relation Report between the United Arab Emirates and United Kingdom’, the UAE’s non-oil export and re-exports trade volume to the UK stood at AED13.2 billion in 2018 up from AED13.1 billion in 2017.
“The UAE – the UK’s fourth largest export market outside the EU – is also home to a large expat population of 120,000 UK nationals and a travel destination to 1.25 million UK tourists in 2016.”
“ECI is committed to facilitating support for UAE exporters and investors to expand their business in the UK with comprehensive solutions to bring in new investments, trade opportunities and more jobs for the national economy. The meeting was instrumental in advancing the UAE’s economic non-oil diversification drive,” Massimo added.
Officials from the British Embassy were also present during the meeting marking the next step to drive economic momentum between the UAE and the UK.
In 2019, Etihad Credit Insurance signed a Memorandum of Understanding with UK Export Finance, the UK government’s export credit agency, to encourage greater confidence amongst traders and investors by enhancing the trade relations as well as boosting investment opportunities between the UK and the UAE.
The MoU focuses on collaborations in export credit policies and practices, projects and other areas of mutual interest.